Walmart CFO Touts Supercenter Success During E-Commerce Challenges

March 07, 2018CrainMedia

Walmart Inc. Chief Financial Officer Brett Biggs likes the momentum at which the retail giant is moving, especially after having completed its first-ever half-trillion-dollar year in fiscal 2018 and starting fiscal 2019 in what he believes is good financial shape.

Biggs spoke Tuesday (March 6) at the Raymond James Institutional Investors Broker Conference held in Orlando. He said Walmart continues to make progress on many fronts, namely its U.S. store operations. Last year, new clubs and stores comprised less than 25% of the company’s total sales growth. With existing store and club comp-sales and e-commerce sales comprising roughly 80% of the total sales growth in fiscal 2018. Biggs said two to three years ago new stores and clubs contributed almost half of the overall growth which has now been replaced by e-commerce.

He said pickup grocery is a success which is why the retailer continues to invest in the business. Walmart will have more than 2,000 stores offering grocery pickup by the end of this year. MORE